The fact that many DAX companies are heading for a record year despite the war and inflation should not hide the dangers that threaten large companies.
They are often fascinatingly efficient and even amazingly adaptable in heavy seas.
But what happens when it really storms?
The corporations are still fair-weather businesses that function particularly well under the ideal conditions of a peaceful world and barrier-free markets.
Large companies have often dismissed the Corona crisis, but that was also due to the fact that the markets recovered so quickly.
With the Ukraine war and the authoritarian course of the People's Republic of China both internally and externally, however, new dangers arose almost as quickly.
What happens when things get really stormy can already be seen in the balance sheets of particularly energy-intensive and resource-hungry companies.
In view of the global political turning points or demographic change, some of the usual company key figures should be interpreted differently than usual.
For example, while a high order backlog was previously seen as a cushion for times of weak demand, a large order book can now also be a sign that companies are having difficulties in satisfying all customers' wishes due to a lack of skilled workers or material shortages.
The large number of vacancies – which used to be a signal of economic confidence and growth opportunities – should also be seen more as a wish list in times of an aging society with fewer and fewer well-trained workers.
In any case, the high profits cannot be consumed as a peace dividend as usual.
Instead, companies should invest the money to become more resilient.